CPA Australia has established a new subsidiary organisation that will provide financial advice to the general Australian public.
The new company will be called CPA Australia Advice and is expected to be operational next year.
It will soon begin the process of acquiring an Australian financial services licence and an Australian credit licence.
CPA Australia Alex Malley described the move as a game changer for domestic financial advice.
He continued by saying it will be providing a service based purely on a fee-for-service remuneration model.
“We see it as critical that our new company has the same culture and professional standards that are the cornerstones of CPA Australia, which includes a fundamental objective to act in the public interest,” Malley said.
“There’s no doubt that quality financial advice has the potential to make a real difference to a person’s well-being and quality of life, particularly in retirement.
“It’s equally true that the community’s trust in financial advice has been undermined in recent years.
“With our new company, CPA Australia Advice, we are making a watershed commitment to rebuilding the community’s trust and confidence in seeking the highest quality financial advice,” Malley concluded.
